Global Solar Panels Coatings Market Report and Forecast 2024-2032

Global Solar Panels Coatings Market Outlook

The global solar panels coatings market size reached approximately USD 3.31 billion in 2023. The market is assessed to grow at a CAGR of 22.6% between 2024 and 2032 to attain a value of around USD 20.72 billion by 2032.

Key Trends in the Market

Solar panels coatings refer to coatings that are used to enhance the efficiency of solar panels and prevent the accumulation of various contaminants and dust on solar panels. They typically offer chemical and UV-resistant properties, protect solar panels from surface degradation, and reduce their cleaning time and costs.

• One of the prominent solar panels coatings market trends include the increasing demand for renewable energy sources and the rising usage of solar energy for electricity production. Solar panel coatings play an essential role in surging the efficiency of solar panels, protecting panels from dust and extreme environmental conditions, and reducing their overall maintenance and operations costs.

• As per the solar panels coatings market analysis, there are surging attempts to enhance the energy efficiency of solar panels. This is boosting the preference for coatings that can decrease cooling costs, reduce greenhouse gas emissions, and improve energy efficiency.

• Advancements in coating technologies to develop innovative solar panel coatings that can be efficiently and easily applied while lowering the requirement for water in cleaning are likely to aid the market growth in the coming years. Moreover, the development of low-cost and high-performance coating that can fully reflect a narrow wavelength, enhance the durability of PV cells, and prevent PV cells from overheating is anticipated to drive the solar panels coatings market growth in the forecast period.

Market Analysis

Based on type, the market is segmented into anti-reflective, hydrophobic, self-cleaning, anti-soiling, and anti-abrasion, among others. On the basis of application, the solar panels coatings market segmentation includes residential, commercial, energy, and automobiles, among others. The major regional markets for solar panels coatings include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global solar panels coatings market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• 3M Company 

• Koninklijke DSM N.V. 

• Arkema Group 

• Advanced NanoTech Lab 

• Diamon-Fusion International (DFI)

• Nilima Nanotechnologies 

• UnelKo Corporation 

• Nanopool GmbH 

• FENZI S.p.A 

• PPG Industries, Inc 

• Others

Market Share by Type

Anti-reflective coatings account for a significant solar panels coatings market share as they improve the light transmittance and overall energy efficiency of PV modules. Such coatings can be applied on both superstate or glass surfaces to reduce their reflection. Moreover, anti-reflective coatings are ideal for use in panels set up near airports as they can eliminate the risk of veiling and flash blindness among pilots and tower personnel.

Meanwhile, self-cleaning coatings are witnessing a healthy demand due to the growing focus on reducing the maintenance and operation costs of solar panels. These coatings can also support solar panels in maintaining their efficiency for a longer period of time. Furthermore, the development of self-cleaning coatings that do not require a high amount of water for cleaning is anticipated to propel the solar panels coatings market demand in the forecast period.

Market Share by Region

The Asia Pacific accounts for a substantial share of the market due to the growing adoption of renewable energy in the region. Countries like Vietnam, India, the Philippines, and China, are actively deploying solar cells to meet the growing energy demand. Moreover, increasing research activities aimed at developing eco-friendly and innovative coatings that offer enhanced durability and lower costs associated with panel cleaning and maintenance in countries like India are expected to propel the overall solar panels coatings market expansion in the coming years.

Competitive Landscape

Advanced NanoTech Lab is a speciality chemical company that is engaged in the research, manufacturing, and development of hydrophobic nano-coating. Its products are known for their exceptional properties such as chemical and UV resistance, scratch resistance, self-cleaning benefits, and durability. With its headquarters in Maharashtra, India, the company aims to drive nano product innovations at affordable prices.

Arkema Group, established in 2004, is a prominent speciality chemical manufacturer that serves customers in sectors like mining, oil and gas, petrochemicals, construction, and paints and coatings, among others.  It aims to offer sustainable solutions that can drive innovation and combat challenges associated with urbanisation, mobility, and depleting resources. With a presence in 55 countries, the company is headquartered in Colombes, France.

Diamon-Fusion International (DFI), founded in 1997, is a leading manufacturer and supplier of glass coating and glass cleaning products. Diamon-Fusion®, its flagship product, is recognised for its ease of cleaning and is widely deployed in protecting windows, glass railings, and shower glass, among others. Headquartered in California, the United States, the company serves sectors such as automotive and shower doors.

Other solar panels coatings market players include 3M Company, Koninklijke DSM N.V., Nilima Nanotechnologies, UnelKo Corporation, Nanopool GmbH, FENZI S.p.A, and PPG Industries, Inc, among others.

Key Highlights of the Report